# Corrected Baseline: Demographics → Automation Proxies

| Variable | I/Y (Invest/GDP) | K/Y (Capital/Output) | K/L (Capital/Worker) | GDP per capita |
|:---|---:|---:|---:|---:|
| Z_1 | 32.3043*** | -5.0940* | 0.0957** | 8074.7470 |
| | (12.2434) | (2.8203) | (0.0451) | (5918.7870) |
| Z_2 | -3.7210** | 0.7000 | -0.0058 | 337.9484 |
| | (1.8303) | (0.4265) | (0.0069) | (883.1289) |
| Z_3 | 0.1193 | -0.0248 | 0.0002 | -21.8212 |
| | (0.0743) | (0.0175) | (0.0003) | (36.3689) |
| fiscal_bal_gdp | -0.0532*** | -0.0165*** | -0.0001*** | 60.8302*** |
| | (0.0173) | (0.0029) | (0.0000) | (5.2360) |
| nfa_gdp_lag | 0.1801 | -0.0572** | -0.0007* | 121.3848** |
| | (0.1578) | (0.0277) | (0.0004) | (54.4101) |
| rgdp_growth | 0.0778*** | -0.0171*** | -0.0001** | 59.3720*** |
| | (0.0097) | (0.0017) | (0.0000) | (2.7908) |
| kaopen | -0.1114 | -0.0135 | 0.0018*** | 228.6801*** |
| | (0.1630) | (0.0291) | (0.0004) | (63.3162) |
|:---|---:|---:|---:|---:|
| N | 4671 | 4558 | 4509 | 5074 |
| R² | 0.0872 | 0.0351 | 0.4066 | 0.4481 |
| Countries | 159 | 163 | 163 | 171 |

*Panel GLS with Prais-Winsten AR(1) correction, country and year FE.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*

*I/Y = gross_investment_gdp (investment effort). K/Y = rnna/rgdpo from PWT (capital-output ratio). K/L = rnna/(emp×1M) from PWT (capital per worker). GDP/capita = gdp_pc_ppp from WDI.*